Leigh Creek Magnesium Project Acquired
CREST RESOURCES INC.
#2501-550 Burrard Street Vancouver BC V6C 2B5
NEWS RELEASE
LEIGH CREEK MAGNESIUM PROJECT ACQUIRED
Vancouver, B.C. – January 15, 2024 - Crest is pleased to announce the finalisation of the Leigh Creek
magnesite project acquisition. Crest will be accelerating three program paths for Leigh Creek, including
research into magnesium -ion battery chemistry using Leigh Creek’s magnesium feedst ock, as well as
intermediate and finished metal products.
Jason Cubitt, Crest’s CEO commented: “The Leigh Creek project is a critical part of plans to rebuild Crest
by focusing on well-defined projects in safe jurisdictions. The flexibility to progress Leigh Creek in stages,
managing both operational and capital expenditure, is an important component to maximised return on
Crest’s investment. Continued advanced research on commercialisation of magnesium -ion battery
technology is expected to further boost demand for high-quality projects such as Leigh Creek.”
Located in the state of South Australia, approximately 6 hours north of Adelaide, Leigh Creek consists of
two exploration licences covering 664 square kilometres which host crypto -crystalline magnesite
mineralisation occurring in multiple near-surface dolomite beds. Significant historical data will be digitised
and collated as a first step, along with updated bench-scale metallurgical studies.
The final amended agreement finalises compensation to include the issuance of 5 million Crest shares and
5 million warrants, along with annual payments of $360,000 for 7 years, and granting the vendor a 2% Net
Smelter Return royalty. The annual payments wi ll be credited to the loan outstanding in relation to the
initial deposit payments of $2.5 million made in 2022. In return, Crest will receive 69.5% of WitchiMag
Pty Ltd., an Australian private company which owns 100% of Exploration Licence 6019 and 80% o f
Exploration Licence 6573 in the state of South Australia (see also Note 8 of the Company’s recent interim
financials for the period ending August 31, 2023). The issuance of the common shares and warrants is
subject to the Company’s filing requirements with the CSE, and once issued, the shares and warrants will
bear a hold period of 4 months and one day from the date of issuance. Further to News Release of June 2,
2022, this is a related party transaction with Emma Fairhurst, the Company’s Chairperson and director.
Once completed, the Company intends to immediately undertake a re-modelling of historical data and take
steps necessary to advance a strategic plan for the staged progression of the Leigh Creek project.
The technical information contained in this news release has been reviewed and approved by Mr. Derrick
Strickland, P.Geo. (1000315), a “Qualified Person” (“QP”) as defined in National Instrument 43 -101 –
Standards of Disclosure for Mineral Projects. Mr. Strickland is a consultant to Crest.
FOR FURTHER INFORMATION CONTACT:
Jason Cubitt
Chief Executive Officer
Emma Fairhurst
Chairperson
2
Crest Resources Inc.
Telephone: 778 819 1870
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of
this news release.